DAILY COMMENTARY
September 02, 2010
Gold prices are moving higher on the New York Spot Market as of 10:58 a.m. EST as investors acquire the yellow metal ahead of Friday’s jobs number. Gold was also finding some support from the European Central Bank, as the eurozone's central bank left key interest rates at 1% and President Jean-Claude Trichet said that its short term lending facilities will continue until e
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September 01, 2010
Gold prices are treading water on the New York Spot Market as of 10:38 a.m. EST on mild profit taking after the yellow metal rallied to a two-month high. Gold’s earlier price gain was bolstered by further safe-haven related bids. Gold’s chances of rising above $1,500 an ounce are “very real” and prices may go even higher, Petropavlovsk Plc Chairman Peter Hambro said.
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August 31, 2010
Gold is up on the New York Spot Market as of 10:53 a.m. EST on bargain hunting and a weakening U.S. dollar. Investors are also accumulating the yellow metal as a safe-haven ahead of Friday’s jobs number. The unemployment report is overshadowing all markets right now including gold. A disappointing number might force investors to sell gold for cash, but might also trigger a
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August 30, 2010
Gold prices are trading sideways on the New York Spot Market as of 10:54 a.m. EST as thinning volume and the Bank of Japan's attempt to control the yen's meteoric rise provide little direction for the yellow metal. The Bank of Japan's decision to add another $117 billion to a loan program for banks at a 0.1% interest rate did little for the gold price. Typically, a surge of
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August 27, 2010
Gold prices are higher on the New York Spot Market as of 10:51 a.m. EST after a downward revision in U.S. GDP and comments from Federal Reserve Chairman Ben Bernanke regarding the U.S. economy. Mr. Bernanke pledged the Federal Reserve will do ‘all it can’ to ensure a U.S. recovery. “The Committee is prepared to provide additional monetary accommodation through unconven
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August 26, 2010
Gold prices are consolidating on the New York Spot Market as of 10:57 a.m. EST as U.S. weekly initial jobless claims were better than expected, fueling investors' risk appetite. Gold prices are expected to be on hold heading into Friday when the Department of Commerce delivers its second estimate on second-quarter gross domestic product and Federal Reserve Chairman Ben Berna
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August 25, 2010
Gold prices are rallying on the New York Spot Market as of 10:53 a.m. EST as investors fled to the yellow metal after U.S. existing-home sales plummeted more than 27% to the lowest level in 10 years and durable goods orders slipped in July. Investors will look to the Federal Reserve's two-day meeting with world bankers in Wyoming, which begins Friday, for any signs of addit
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August 24, 2010
Gold prices are recovering earlier losses, heading higher on the New York Spot Market as of 10:49 a.m. EST. Gold prices had been coming under significant selling pressure Tuesday as investors sold a variety of assets to raise cash, but the news that exisiting-home sales in July fell more than 27.2% spooked investors into bargain- hunting for gold. With more potentially disap
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August 23, 2010
Gold is consolidating on the New York Spot Market as of 11:09 a.m. EST as investors remain wary about the strength of the economic rebound. “Gold may attempt to build a base above $1,220 before continuing on its upward trend,” said Ong Yi Ling, Singapore- based investment analyst with Phillip Futures Pte Ltd. “Concerns over the economic recovery will continue to suppor
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August 20, 2010
Gold is consolidating on the New York Spot Market as of 10:12 a.m. EST as the dollar strengthened and investors took profits to cover losses heading into the weekend. However, any news the U.S. economy is slowing could trigger another wave of safe-haven buying. Also recent price dips in gold have been met with bargain hunting as traders look to buy gold at "discount" prices.
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August 19, 2010
Gold is at a seven-week high on the New York Spot Market as of 11:00 a.m. EST, climbing past $1,230 an ounce Thursday as investors bought gold after more signs of a weak labor market. Investors are also anticipating further gains in the price of gold as we enter the month of September. In the fall, festival and wedding seasons in Asia jumpstart customer demand. Frank Holmes,
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August 18, 2010
Gold is trading in a tight range on the New York Spot Market as of 10:50 a.m. EST despite mild profit taking. Investors flirted with taking profits, but were reluctant to sell out of large gold positions and continued to hold the metal as a safety haven asset. This dedication to gold could set the stage for a rally in the fall. Gold prices historically can rise as much as 2.
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August 17, 2010
Gold is trading flat on the New York Spot Market as of 10:38 a.m. EST as investors debate the security of gold against riskier stocks. Investors were buying stocks but keeping gold as a hedge against risk. The Fed will begin buying U.S. Treasuries today, which is part of a plan announced last week to help pump money into the economy.
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August 16, 2010
Gold prices are climbing on the New York Spot Market as of 10:55 a.m. EST on signs of a weakening global economic recovery. Investors also bought gold on news that China has surpassed Japan as the world’s second largest economy. The news spooked investors and led them to dump riskier stocks for gold.
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August 13, 2010
Gold prices are trading higher on the New York Spot Market on concerns over the global economic recovery. Continuing weak job growth in the U.S. as well as comments from the European Central Bank that European Union growth will be subdued for the next two years were reigniting fears of a double dip recession and leading a surge into gold.
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August 12, 2010
Gold pushed well above $1,200 an ounce on the New York Spot Market as of 9:00 a.m. PST after a report showed jobless claims rose in the latest week, reigniting investor concerns about the health of the global economy. Looking ahead, Richcomm Global analyst Pradeep Unni sees gold rounding out the year higher. "Gold has climbed 9.3% this year and is set for its tenth straight
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August 11, 2010
Gold prices are rallying as investors digest the Federal Reserve’s comments on the U.S. economy and its decision to buy U.S. bonds. Gold is often seen as a safe haven asset in times of economic uncertainty. The Fed left key interest rates at 0% to 0.25%, which was expected, but downgraded its view on future economic growth saying, "the pace of economic recovery is likely
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August 10, 2010
Gold prices are easing on the New York Spot Market as investors await an announcement from the U.S. Federal Reserve on interest rates and any hints on further quantitative easing to combat the slowing economy. If the Fed downgrades expectations of U.S. growth, many investors believe it could push gold prices higher as traders sell stocks and buy the metal as a safe-haven. "I
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August 09, 2010
Gold prices are consolidating on the New York Spot Market as risk appetite improved ahead of the Federal Reserve's FOMC meeting. Many analysts believe last Friday’s disappointing jobs number will pressure the Federal Reserve to take additional steps to jump start the economy when they meet on Tuesday. Interest rates are expected to stay between 0% and 0.25%, but the growin
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August 06, 2010
Gold is extending gains on the New York Spot Market after a disappointing jobs report from the Labor Department, pushing the yellow metal to a three-week high. “If the Fed has to do something more accommodative to spur the economy, you’re going to see an explosive rally in gold,” said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago.
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